I cannot believe it! BrEXIT! A new Declaration of Independence!
As of 2am ET the Dow is already down 700 points. The European market is down 11% at the opening bell. This is the largest single drop in its history. 10Y German Bund yield collapses 26bps to a record low.
I think this will take the markets by surprise. I am shocked. I don't think Brexit has been baked in the price.
What comes next? The Pound and British Sterling are almost in a free fall. Watch for a possible rerun of 2007/08. Including the central banks rushing to bail failing institutions out. The Bank of England issued a statement at 2:30a eastern, that they will take all steps needed to stabilize markets.
Scotland and N Ireland are taking about breaking with Brexit taking the U out of the U.K.
France, Norway and others cheering it on and pointing to the exits in their own countries.
How will the whitehouse and Clinton react? Remember, Obama warned England that if they did this he would put the UK at the back of the Trade line. Horrible. Once again a push for bigger and global government.
There is no reason to panic, but every reason to pay attention and follow this story as it unfolds.
Soros warned last week that this could put the € in a tail spin along with global markets.
Personally, I believe he has bet against the £ and is trying to collapse it like he did a couple of decades ago. He has already said that it will be the worse collapse since 92.
Gold is also higher early this am. I believe you will begin to see a flight to gold in Europe.
The term "Home safes" is 68% higher than its peak in November 2008 at the height of the Crash. People are buying small safes all over Europe and buying gold as a hedge against a collapse of the Euro.
Look out for the rise of an iron fist from the remaining Euro countries. They will have a ton of pressure on them to stay in. The people will push the other way and Fascist groups will gain momentum.
I would look for the EU looking to find ways to punish England. They will feel they "have to teach them a lesson" or other nations will follow.
This is what happens when you combine multi culturalism, forced immigrant numbers, cronyism with bailouts, a central bank that is printing money and moving toward negative interest rates and an elite ruling class not responding to the people.
A brave move by the people.
Featured Image: People react to a regional EU referendum result at the Leave.EU campaign's referendum party at Millbank Tower on June 23, 2016 in London, England. The United Kingdom has gone to the polls to decide whether or not the country wishes to remain within the European Union. After a hard fought campaign from both REMAIN and LEAVE the vote is too close to call. A result on the referendum is expected on Friday morning.(Photo by Jack Taylor/Getty Images)